Experts: Revival of Steel Sector ‘ll Boost Nigerian Economy

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Ajaokuta Steel Company (ASCO)Federal government has been urged to as a matter of urgency to revive Ajaokuta Steel Company (ASCO), as its revival will boost the nation’s economy and create more jobs in the country.
Sergey Semenov, Lev Semenov of ECOWAS-UKRPROM, Ukraine disclosed this when they visited the office of Africa Iron and Steel Association in Abuja weekend.
 
The experts said the implementation of vision 20:2020,requires increasing steel production in Nigeria to 15 million tons, which is 100 kg per capital.
“The economic preferences of BF-BOF process become particularly evident in the large-scale production, proximity of deposits of raw materials and water, and low cost of natural gas and other natural resources. All these preconditions, as well as availability of local workforce and cheap river and rail transport, are present in Ajaokuta.
“Therefore, allegations of inevitably high ASCO steel price are groundless. After achievement of the planned production volumes the cost of ASCO will be below the world average” the experts said.
The averred that it was impossible to over-esteem the social value of ASCO project for Nigeria, saying after completion of the first stage of the project, 12,000 people will be engaged at the plant.
“After completion of the second state-more than 20,000 people will be engaged. Nigerian experts estimated, that up-stream and down-stream industries will create about two million jobs. Other important effects are technological acquisition and training of Nigerian metallurgists both during operation of the plant and at the ASCO Metallurgical Training Centre.
“It is obvious that from technical, social and economic points of view it is necessary to reactivate ASCO, and the sooner the better.
This will guarantee industrialisation and future flourishing of Nigeria, stability and independence of the country for the nearest future and after the exhaustion of oil reserves” the Ukrainians said.
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